Cysurance and 360 SOC Partner on US$500k Cyber Warranty
Cysurance, a risk mitigation firm that certifies and insures security solutions, has announced a partnership with 360 SOC, a provider of managed detection and response services.
The collaboration aims to offer enhanced cybersecurity protection backed by a substantial warranty.
Under the new agreement, 360 SOC's clients will be covered by Cysurance's Certification Warranty programme.
This initiative provides financial protection by combining cybersecurity solutions with warranty and insurance coverage.
Warranty protection
The programme offers reimbursements of up to US$500,000 in the event of a breach. These funds can be used for various remediation activities, including legal and regulatory expenses, ransomware recovery and business email compromise events.
Business email compromise is a type of scam targeting companies that conduct wire transfers.
Kirsten Bay, CEO of Cysurance, explains the programme's significance: “As a programme underwriter, the warranties associated with our certification can be applied to cyber insurance deductibles or any other expenses incurred in the wake of a security incident or breach.”
In addition to the warranty, the partnership provides 360 SOC customers with expedited access to cyber insurance policies from established carriers at discounted rates.
This combination of managed IT services, cybersecurity controls, and insurance protection aims to reduce the frequency and impact of cyber-attacks.
Chris Ichelson, CEO of 360 SOC, highlights his company's role: “360 SOC is known for its ability to deliver innovative, customised security solutions that integrate seamlessly with an organisation's existing security infrastructure.”
Fintech implications
For fintech firms, that handle sensitive financial data and are subject to stringent regulations, this partnership offers a comprehensive approach to cybersecurity.
The integration of security solutions with financial protection addresses both the technical and financial aspects of cyber risk management.
The Cysurance Certification Warranty programme provides an additional layer of assurance for organisations implementing 360 SOC's solutions. This certification signifies a high level of resilience and offers financial backing during potential crises.
360 SOC specialises in Managed Detection and Response (MDR) and Security Operations Center as a Service (SOCaaS). These services involve continuous monitoring and protection against cyber threats, utilising advanced technologies such as machine learning alongside expert human analysis.
The company's offerings include Network Detection and Response (NDR), which monitors network traffic for threats, and Endpoint Detection and Response (EDR), which focuses on securing individual devices.
Additionally, 360 SOC provides User and Entity Behavioral Analytics (UEBA), a system that detects anomalies in user behaviour that may indicate a security threat.
Bay emphasises the broader impact of the partnership: “Cysurance-certified solutions from 360 SOC effectively mitigate vulnerabilities encountered by leaders in the public, private, and non-profit sectors. The added layer of financial security provides peace of mind for 360 SOC customers navigating the complex landscape of cybersecurity threats.”
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